Capital One Financial (COF) PT Lowered to $98 at Oppenheimer

Oppenheimer analyst Ben Chittenden lowered his price target on Capital One Financial (NYSE: COF) to $98.00 (from $103.00) following EPS headwinds but maintained an Outperform rating.

Chittenden commented, "COF shares are off ~13% over the past few days after COF provided a disappointing NT outlook for EPS. While a higher efficiency ratio and bigger reserve additions for growth certainly hurt NT estimates, we think what's getting lost is that a good chunk of this is for accelerating loan growth. The fuel for LT shareholder value is in management's ability to attractively grow loans on a good risk-adjusted basis. To us, the most important question is whether management is good at identifying and capitalizing on opportunities. Growth opportunities drive market spend
higher, which also drives the reserve builds higher. However, being able to capitalize on them is what makes the NT EPS headwinds beneficial to LT shareholder value."

For an analyst ratings summary and ratings history on Capital One Financial click here. For more ratings news on Capital One Financial click here.

Shares of Capital One Financial closed at $78.61 yesterday.

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